Ask The Expert: Early release of super

In a press conference at Parliament House on May 1, Prime Minister Scott Morrison announced that more than 950,000 applications had been made to access superannuation early, totalling some $7.9 billion in claims.

Treasury’s deputy secretary, Jenny Wilkinson told the Senate Select Committee on COVID-19 on April 28, that $6.3 billion had been approved for release.

There are strict eligibility criteria that has to be met to qualify for the scheme, which is open to citizens and permanent residents of Australia and New Zealand.

If successful, they can apply for up to $10,000 in the 2019–20 financial year and up to a further $10,000 in 2020–21. Eligible temporary residents are able to apply once to access up to $10,000 of super in 2019–20.

The amounts released are tax-free and do not need to be declared in a tax return.

Sonia Corsini, Australian Taxation Office Assistant Commissioner, will be online at noon today (AEST) to answer your questions about the COVID-19 early release of super scheme. She will not be able to answer questions about policy, people’s personal circumstances or provide demographic breakdowns or values of applications.

You can ask your questions in advance in the comments below or during the session.

Due to the number of questions, Ms Corsini may not be able to answer everyone.


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